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    ANTO   GB0000456144

ANTOFAGASTA PLC

(ANTO)
  Report
Delayed London Stock Exchange  -  11:35 2022-11-25 am EST
1341.00 GBX   -1.43%
11/23LONDON MARKET MIDDAY: Stocks tread water after mixed PMIs
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Copper pulls back on firmer dollar, zinc gains on Glencore news

10/05/2022 | 07:03am EST

LONDON, Oct 5 (Reuters) - Copper prices retreated on Wednesday after touching their highest in nearly two weeks due to a resurgent dollar and persistent worries that central bank interest-rate hikes will hit metals demand.

Zinc and lead, however, surged on smelter shutdowns amid high power prices.

Three-month copper on the London Metal Exchange dropped 0.6% to $7,671.50 a tonne by 1600 GMT after earlier touching a high of $7,788, the strongest since Sept. 22.

"The backdrop is still grim. The Fed is still determined to go after inflation and China's economy - consumer of half the world's commodity supply - is still struggling," said Tom Price, head of commodities strategy at Liberum.

Copper jumped 2.8% on Tuesday and other risky assets like stocks also rallied on hopes that central banks may slow down the pace of monetary tightening, but Price said that was misplaced optimism.

"For over a year, the Fed has not budged from its focus to curb inflation. Its hawkish message has never changed. And yet the market keeps hoping that there might be some kind of switch or relief."

Price forecasts another 10%-30% downside over the next 12 months in most base metals prices.

Weighing on the market was a stronger dollar index, making commodities priced in the U.S. currency more expensive for buyers using other currencies.

Also undermining copper was news of a possible labour deal in a mandatory mediation process to avoid a strike at Antofagasta Minerals' Los Pelambres copper mine.

LME zinc reversed earlier losses and gained 0.3% to $3,056.50 a tonne after Glencore said it will place its Nordenham zinc smelter in Germany on care and maintenance from Nov. 1.

LME lead also pushed higher, surging 5.1% to $2,035 a tonne, the highest in over a month, on worries of tight supply after Nyrstar said on Tuesday it would shut its Port Pirie lead smelter in Australia for 55 days.

The Nyrstar news came amid falling inventories, which have dropped in LME-registered warehouses by nearly a fifth over the past two months to the weakest levels since October 2007. <MPBSTX-TOTAL>

LME aluminium rose 0.4% to $2,358 a tonne, nickel gained 2.2% to $22,530, but tin slipped 0.2% to $20,160.

For the top stories in metals and other news, click or (Reporting by Eric Onstad; editing by Bernadette Baum and David Evans)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
ANTOFAGASTA PLC -1.43% 1341 Delayed Quote.0.19%
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) 0.00% 0.6748 Delayed Quote.-6.82%
BRITISH POUND / US DOLLAR (GBP/USD) -0.15% 1.2093 Delayed Quote.-10.48%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) 0.04% 0.7472 Delayed Quote.-5.27%
DOW JONES FXCM DOLLAR INDEX 0.10% 13006.27 Real-time Quote.6.93%
EURO / US DOLLAR (EUR/USD) -0.12% 1.0395 Delayed Quote.-8.46%
GLENCORE PLC -0.41% 533.8 Delayed Quote.42.37%
INDIAN RUPEE / US DOLLAR (INR/USD) -0.09% 0.012242 Delayed Quote.-8.76%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) -0.21% 0.6245 Delayed Quote.-8.44%
NYRSTAR NV 0.00% 0.17 Real-time Quote.-19.05%
S&P GSCI COPPER INDEX 2 0.03% 567.1207 Real-time Quote.-17.85%
S&P GSCI LEAD INDEX 0.52% 317.1356 Real-time Quote.-8.84%
S&P GSCI ZINC INDEX 0.67% 230.3707 Real-time Quote.-17.89%
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Analyst Recommendations on ANTOFAGASTA PLC
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Financials (USD)
Sales 2022 5 464 M - -
Net income 2022 595 M - -
Net Debt 2022 992 M - -
P/E ratio 2022 26,3x
Yield 2022 2,23%
Capitalization 15 980 M 15 980 M -
EV / Sales 2022 3,11x
EV / Sales 2023 3,02x
Nbr of Employees 6 883
Free-Float 34,5%
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Technical analysis trends ANTOFAGASTA PLC
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Income Statement Evolution
Consensus
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Mean consensus HOLD
Number of Analysts 17
Last Close Price 16,21 $
Average target price 13,63 $
Spread / Average Target -15,9%
EPS Revisions
Managers and Directors
Ivßn Arriagada Herrera Group Chief Executive Officer
Mauricio Ortiz Chief Financial Officer
Jean-Paul Luksic Fontbona Non-Executive Chairman
Vivianne Blanlot Soza Independent Non-Executive Director
Jorge Bande Bruck Independent Non-Executive Director
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